Mortgages cost up to 4,000 euros more a year
Mortgage drain thanks to the ECB. Compared to 2021, the increases are staggering: a variable-rate mortgage costs up to +4,236 euros a year today, while those who take out a fixed-rate loan today find themselves spending up to +3,240 euros a year compared to those who started it two Years ago.
To say it is Codacons, which has carried out some simulations on the most requested types of mortgage in Italy. In September 2021 – explained the consumer association – for a variable rate mortgage of 150 thousand euros with a duration of 30 years, the best Taeg on the market was 0.48% with a monthly installment of 442 euros, while the fixed rate recorded a Taeg of 1.04% and a monthly installment of 481 euros. The same mortgage today provides, for the variable, a Taeg of 3.62% and a monthly payment of 663 euros on the variable, and for the fixed rate Taeg 3.17% and monthly payment of 631 euros.
The other examples
For a 100 thousand euro mortgage with a duration of 25 years, in September 2021, the Taeg on the variable rate was 0.42% with a monthly payment of 346 euros. The fixed rate, on the other hand, recorded a Taeg of 0.98% and an installment of 370 euros. Today’s figures, however, are frightening. For the variable the Taeg starts from a minimum of 3.62% with an increase in installments of 145 euros, while on the fixed the Taeg is at 3.24% with an increase of 104 euros compared to two years ago.
Worse for those with a 200,000 euro mortgage for 20 years. Here, for the variable rate, the Taeg goes from 0.39% and a monthly payment of 858 euros in September 2021 to 4.19% today (best offer on the market) and a monthly payment of 1,211 euros, with an increase of spending from +353 euros per installment. Fixed rate chapter: the Taeg passes from 0.86% to 3.81%, with the installment rising from 903 euros to 1,173 euros.
Codacons analysis
The rise in interest rates – this is the analysis by Codacons – leads a family that has taken out a variable rate mortgage to face greater expenditure today up to +4,236 euros per year compared to what was paid in 2021, while those who decide today to take out a fixed-rate mortgage, considering the types of financing examined, spends between +1,250 and +3,240 euros, depending on the type of mortgage, compared to those who took out the same loan in 2021.
But the increases are not over. In fact, the ECB has announced new rate hikes as a form of contrast to inflation: this means that in the coming months the costs of mortgages are destined to rise further.